DIS Walt Disney Co

   By Stephen Nakrosis 
 

Shares of Walt Disney Co. are trading higher after hours Monday, following news the company will reorganize its media and entertainment businesses.

At 5:14 p.m. EDT, the company's shares were trading 5.62% higher at $131.99. Volume at the time topped 1.5 million shares.

The company's stock finished the day's regular-trading session with a 0.01% loss, closing at $124.97 a share.

Year to date, Walt Disney shares are down more than 13%.

The company said its decision was made "in light of the tremendous success achieved to date in the company's direct-to-consumer business and to further accelerate its DTC strategy."

The company's "creative engines will focus on developing and producing original content for the company's streaming services, as well as for legacy platforms, while distribution and commercialization activities will be centralized into a single, global Media and Entertainment Distribution organization," Walt Disney Co. said.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 12, 2020 17:40 ET (21:40 GMT)

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